定向增发对我国上市公司长期股票价格的影响研究

发布时间：2018-02-09 16:28

  本文关键词： 定向增发 认购对象 认购方式 长期股价　出处：《浙江财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：近年来，定向增发新股在我国上市公司再融资方式中所占的比重越来越大。但是由于定向增发在我国大范围出现的时间还不长，所以在样本数据获取方面的局限性较大，关于定向增发对上市公司长期股价影响的研究也比较少。那么，定向增发对上市公司长期股价是否会有正面影响呢？含有大股东及关联股东参与的定向增发的长期股票价格表现是否要好于仅含非关联股东参与的定向增发的长期股票价格表现呢？以非现金资产认购的定向增发的长期市场反应是否要好于以现金资产认购的定向增发呢？本文将在前人研究的基础上，进一步深入探讨这三个问题，以为我国定向增发的监管及政策制定提供一些参考。这也是本文的目的及意义所在。 文章首先从定向增发法律法规的发展历程、特征、运行模式及现阶段存在的问题等方面对我国定向增发的基本情况作了简要描述，也为接下来对定向增发与长期股价关系的研究做好了铺垫。 本文先从理论上分析推导了定向增发与我国上市公司长期股价存在的关系：1）上市公司内部投资人及机构投资者以其拥有的信息优势，在认购定向增发的股份时向外部投资人传递了该公司发展良好的信号，同时定向增发认购股份存在较长的锁定期，增强了对公司经理人的监督，降低了股东与经理人之间的代理成本，对公司长期业绩产生积极影响，刺激二级市场股票买入并长期持有。因此推导出定向增发对上市公司的长期股价有正效应；2）大股东及关联股东比非关联股东更具有信息优势，且其认购的定向增发股份的锁定期要更长，，对公司经理人监督的意愿和能力也更强，所以大股东及关联股东参与定向增发比非关联股东的参与能传递更加积极有利的信号。因此，我们推导得出含有大股东及关联股东参与的定向增发的长期股票价格表现要好于仅含非关联股东参与的定向增发的长期股票价格表现的结论；3）通过注入非现金资产的方式认购定向增发股份降低了上市公司关联交易和同业竞争的几率，同时还能通过资源整合以实现规模经济与范围经济，降低交易成本，而且大股东持股比例的进一步提高，也降低了其“掏空”几率，促使注入优质资产，公司价值得到长期的提升。因此，我们推导得出以非现金资产认购的定向增发的长期市场反应好于以现金资产认购的定向增发的结论。 在根据相关理论及文献推导出以上结论之后，文章进行了实证分析以验证该结论是否适用于我国上市公司的情况。本文收集了2006年到2010年之间实行定向增发的样本公司的相关财务及股票价格数据，利用SPSS分析软件对经过处理的数据进行描述性统计和回归分析，研究定向增发后上市公司股价的长期表现、向不同对象进行定向增发的长期股价表现及以不同认购方式进行定向增发的长期股价表现，对各变量之间的关系进行实证分析，进一步验证了理论推导中提出的三个假设，增强结论的可信程度。 最后是对经过理论推导及实证检验的结论的实际应用。文章根据我国上市公司所处环境的实际情况，为相关部门对定向增发的政策制定及监督提出了一些可行的建议。由于定向增发时在股权分置改革开始后才大量出现的，而在这之后的股价波动比较大，所以在研究时不能排除其他干扰因素的影响。这也是在以后研究中要进一步改进的地方。
[Abstract]:In recent years, the private placement of new shares in China's listed companies refinancing means increasing the proportion. But because the private placement appeared on a large scale in China is not a long time, so in the sample data acquisition aspects of the limitations, research about the impact of the private placement of Listed Companies in the long-term stock price is relatively small so, whether private placement will have a positive impact on the long-term stock price of listed companies? With long-term stock performance oriented big shareholders and related shareholders to participate in the issuance of the price is better than the long-term stock only containing oriented non associated shareholders to participate in the issuance of the price performance? Long-term market reaction to the non cash assets of additional directional subscription is better than to subscribe in cash assets placement? This paper will be on the basis of previous studies, further explore these three issues, that China's private placement supervision And provide some reference for policy making. This is the purpose and significance of this article.
This article first briefly describes the basic situation of China's private placement, including the development process, characteristics, operation mode and existing problems of private placement, and also lays a foundation for further research on the relationship between private placement and long-term stock price.
This paper first theoretically derived and the existence of private placement of Listed Companies in China long-term stock price: 1) listed companies investors and institutional investors with its own information superiority, to subscribe for a private placement of shares to outside investors to pass the good signal the development of the company, at the same time, private placement subscription shares lock period long, to enhance the supervision of managers, reduce agency costs between shareholders and managers, have a positive impact on the long-term performance of the company, to stimulate the two stock market long-term buy and hold. So the derived placement has a positive effect on the long-term stock price of listed companies; 2) large shareholders and the shareholders of non related shareholders has more information advantage, and directed its subscription of additional shares to lock up period is longer, the willingness and ability of company managers is also stronger, so big The East and the shareholders to participate in the private placement of non associated shareholders can transfer more positive signal. Therefore, we derive long-term stock containing directional shareholders and the shareholders to participate in the issuance of the price performance is better than the long-term stock containing only the shareholders to participate in the non directional by the price performance of the conclusion; 3) by injection the non cash assets of the way for the private placement of shares to reduce the probability of the related transactions of the listed companies and the competition in the industry, but also through the integration of resources to achieve economies of scale and scope, reduce transaction costs, and further improve the proportion of large shareholders, but also reduces the probability of "tunneling", to inject quality assets, company value long term improvement. Therefore, we deduce the long-term market reaction to the non cash asset directional subscription issuance on cash assets. The conclusion of the Orienteering of purchase.
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